Jamaican government hands over cheque to Carib Cement for clinker supply to Venezuela

Carib Cement Company Ltd has received a cheque worth US$1.69 million from the Jamaican government. This forms part of the payment for the clinker that Carib Cement is exporting to Venezuela under the Trade Compensation Mechanism of the PetroCaribe Agreement, which allows Jamaica to repay some of its oil debt by supplying commodities.

The cement producer will supply Venezuela with around 100 000 t of clinker, at an estimated value of US$8.5 million. The clinker shipments began in December 2013 and are expected to continue until May 2014.

A ceremony was held to mark the handover of the cheque by Jamaica’s Minister of Finance and the Public Service, the Hon. Dr. Peter Phillips, to Carib Cement’s Chairman, Brian Young. Speaking at the event, Young expressed the company’s hopes of securing a new supply contract after the initial 100 000 t of clinker has been delivered.

Dr Phillips described the agreement as a “win-win” for all involved, and encouraged other companies to take advantage of export opportunities under the PetroCaribe Agreement.

“Venezuela has benefited from the supply of materials that they need, while Jamaica and Carib Cement have benefited tremendously, by pioneering an additional market for their product, which employs Jamaican workers in producing it and helps expand overall production in the country. And for the PetroCaribe Fund, we are able to reduce our level of debt, and at the same time, facilitate productive activity in Jamaica,” said Dr Phillips.